John Lewis from the UK is ready to give up 100% ownership of staff
© Reuters. PHOTO: Shoppers walk past the John Lewis department store on Oxford Street in London, UK on December 17, 2018. REUTERS/Simon Dawson
(Reuters) British retailer John Lewis, which is 100% owned by its employees, is considering diluting its partnership structure, The Sunday Times reported on Saturday.
The report says the company will consider selling only a minority stake, and its priority will be to retain a majority stake in employees.
The report says that chairman Sharon White is in the early stages of exploring a plan to change the retailer’s mutual structure so that it can try to raise £1bn to £2bn ($1.22bn to $2.44bn) in new investment.
The report added that any outside investor would be required to share the partnership’s employee-centric values.
The company, which operates John Lewis department stores and Waitrose grocer, said Friday it will have to cut headcount and ditch bonuses this year, noting the outlook is uncertain as customers battle inflation.
John Lewis did not respond to a Reuters request for comment.
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